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Although a lender is not required to inform a borrower prior to mortgage assignment, s/he must send a notification after a mortgage sale has taken place informing the borrower how to make mortgage payments in the future.The borrower can negotiate mortgage terms with the new lender and seek mortgage modification.If you are a new lender and do not have a valid mortgage assignment document, you will be disadvantaged if you have to move for foreclosure.
Therefore, it is important to document when you assign a mortgage.
Lenders and mortgagors of deeds of trust often sell mortgages to third parties, like other lenders.
If a trustee is assigning beneficial interest under a deed of trust, it should be recorded in writing.
Once a mortgage has been transferred, it means that obligation of loan has transferred.
In order to validly assign a mortgage, a mortgage assignment document should have the following details: Assignment of mortgage should be recorded before the government authority that deals with property ownership, property taxes, etc.